Dismal Year For Entraction

DISMAL YEAR FOR ENTRACTION

12th November, 2010 at 03:33:31
Source: http://www.azonlinecasinos.com

Swedish online gambling group releases weak 9 month and Q3 numbers

The internet gambling group Entraction has battled through a less than successful 2010 to date and a troubled third quarter, in which it has been necessary to lay off staff to save around SEK 15 million, and some SEK 10 million has been written off to customer loss and staff cuts.

The company's YTD 2010 - the period January to September - produced some dismal KPI's, showing a general southwards trend that included:

* Net sales down 22.2% to SEK254.2 million (YTD 2009: SEK326.7 million)

* EBITDA down 62.1% at SEK 18.7 million (YTD 2009: SEK49.3 million)

* Operating profit declined from SEK40 million in 2009 YTD to SEK8.6 million in 2010.

* Profit after tax down at SEK 8.9 million (YTD2009: SEK60.5 million)

Third quarter results were even worse, showing:

* Net sales down at SEK77 million (Q3 2009:98.8 million) - a drop of 22.1 percent.

* EBITDA in negative territory at - SEK1.5 million (Q3 2009: SEK12.6 million)

*Operating loss of -SEK5.1 million (Q3 2009:SEK12.6 million)

*Loss after tax of -SEK5.4 million (Q3 2009: 12.2 million)

CEO Peter Astrom reported that measures were already in progress to halt the decline and return the company to profit, and that Euro currency fluctuations had cost the company around Euro 2 million.

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